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Oil prices edge up; still near 2017 lows on stubborn glut

June 16, 2017 By Julia Simon NEW YORK (Reuters) – Oil prices on Friday bounced up off the year’s lows as some producers reduced exports and U.S. rig additions slowed, but the rebound was modest and crude posted its fourth weekly decline on persistent concerns about global oversupply. Brent crude futures rose 45 cents to settle at $47.37 per barrel and U.S. West Texas Intermediate (WTI) crude settled at $44.74 per barrel, up 28 cents. Both benchmarks notched a weekly loss exceeding 1.6 percent. On Thursday, oil prices hit six-month…

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ANZ Economy OPEC Russia Top News United States 

Oil sits near half-year lows as global supply overhang weighs

June 16, 2017 By Henning Gloystein SINGAPORE (Reuters) – Oil prices dipped early on Friday and were not far off six-months lows as an ongoing supply overhang weighed on markets despite an OPEC-led effort to cut production and prop up prices. Brent crude futures were down 6 cents, or 0.1 percent, at $46.86 per barrel at 0045 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 8 cents, or 0.2 percent, at $44.38 per barrel. Prices for both benchmarks are down by more than 13 percent since late May,…

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Oversold: Oil traders punish OPEC for promising too much

May 26, 2017 By Dmitry Zhdannikov, Rania El Gamal and Ernest Scheyder VIENNA (Reuters) – As OPEC’s latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success. But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. “That is a disaster,” he said. While OPEC has worked hard in recent years on…

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OPEC extends oil output cut by nine months to fight glut

May 25, 2017 By Rania El Gamal, Ernest Scheyder and Alex Lawler VIENNA (Reuters) – OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three years. The cuts are likely to be shared again by a dozen non-members led by top oil producer Russia, which reduced output in tandem with the Organization of the Petroleum Exporting Countries from January….

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Asian stocks set to drift higher on U.S. cues; dollar weak

May 22, 2017 HONG KONG (Reuters) – Asian stocks are set to edge higher on Monday following cautious gains on Wall Street, though the dollar is set to come under pressure as Washington’s political turmoil undermines confidence in U.S. economic policy. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.42 percent on Monday helped by some gains in Korean and Japanese stocks. U.S. stocks ended up on Friday but closed below their session highs on renewed concerns about Donald Trump’s presidency, following two new media reports of possible…

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‘Trump Trade’ turns to trepidation as investors unwind

May 17, 2017 By Megan Davies and Jennifer Ablan NEW YORK (Reuters) – Investors were shelving rosy hopes for U.S. tax reform and rethinking strategies premised on Donald Trump’s economic growth promises on Wednesday, as the President faced his loudest criticism yet over possible collusion between his election campaign and Russia. From stocks to bonds to the U.S. dollar, a bevy of trades that have been fashionable since Trump’s election last November, were getting dialed back or in some cases shredded as his reform agenda looked increasingly vulnerable amid the…

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Russia, Saudi Arabia agree to extend oil output cuts until March 2018

May 15, 2017 BEIJING (Reuters) – Saudi Arabia and Russia have agreed to extend crude oil output cuts until March 2018 in their latest effort to rebalance the global crude market, energy ministers for the two major oil producers said on Monday. The next round of cuts will be on the same terms as the existing deal, Saudi energy minister Khalid al-Falih said at a joint briefing in Beijing with his Russian counterpart Alexander Novak. News of the joint deal sent crude prices up more than 1.5 percent in Asian…

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Ukraine says Crimea visit by Bulgaria’s Eurovision singer not illegal

May 11, 2017 By Natalia Zinets KIEV (Reuters) – Ukraine said on Thursday a visit to Russian-annexed Crimea by Bulgaria’s Eurovision song contest entrant was apparently not illegal, avoiding a row that might have led to his disqualification and tainted the popular competition with fresh political controversy. A video widely shared on social networks and in Ukrainian media appears to show Bulgarian Kristian Kostov singing at a concert on Ukraine’s Black Sea peninsula in June 2014, three months after it was seized by Russia. Ukraine has already barred Russia’s contestant…

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Eurovision favorites Portugal, Armenia sail through first semi-final

May 10, 2017 KIEV (Reuters) – The Portuguese and Armenian entrants for the 2017 Eurovision song contest, among the favorites to win the continent-wide songfest, were two of 10 to qualify for the final in the first round of heats in Kiev. In Tuesday’s semi-final, Portuguese singer Salvador Sobral drew some of the loudest applause with his song ‘For The Both Of Us’ – a lilting, jazz-style ballad written by his sister. The pitch-perfect performance was not typical fare for Eurovision, an annual contest watched by millions across Europe that…

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U.S. will not give Exxon permission to drill in Russia

April 21, 2017 By Yeganeh Torbati and Ernest Scheyder WASHINGTON/SPRING, Tx. (Reuters) – The United States will not make an exception for American companies, including oil major Exxon Mobil Corp, seeking to drill in areas prohibited by U.S. sanctions on Russia, Treasury Secretary Steven Mnuchin said on Friday. The unusually direct statement served to clarify that the United States would maintain a tough stance on sanctions against Moscow. “In consultation with President Donald J. Trump, the Treasury Department will not be issuing waivers to U.S. companies, including Exxon, authorizing drilling…

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